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25 Nov 2013
AUD/USD breaks below Friday's low as bounces keep failing
FXstreet.com (Barcelona) - AUD/USD has marginally broken into new trend lows ahead of the European session, printing its cheapest price since Sept 6 at 0.9141 following the clearance of 0.9143, last Friday's low.
Technically speaking, Jim Langlands, Founder at FXCharts, notes: "I don’t think the downside is done with yet as the head-shoulder formation continues to play out, looking for a target of somewhere around 0.9000."
From a fundametal standpoint, Jim suggests too keep an eye on what the RBA says this week: "We have more RBA talk this week, starting tonight, with the RBA Deputy, Lowe, adding his own view on the elevated level of the Aud", adding that "direction will also depend on international flows, with some of the macro players, I suspect, still caught rather long of the Aud."
Technically speaking, Jim Langlands, Founder at FXCharts, notes: "I don’t think the downside is done with yet as the head-shoulder formation continues to play out, looking for a target of somewhere around 0.9000."
From a fundametal standpoint, Jim suggests too keep an eye on what the RBA says this week: "We have more RBA talk this week, starting tonight, with the RBA Deputy, Lowe, adding his own view on the elevated level of the Aud", adding that "direction will also depend on international flows, with some of the macro players, I suspect, still caught rather long of the Aud."